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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________

 FORM 10-Q
_______________________________________________________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2022
or
Transition Report Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File Number 1-2376
__________________________________________________________________________
FMC CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________________________ 
Delaware   94-0479804
(State or other jurisdiction of
incorporation)
  (I.R.S. Employer
Identification No.)
2929 Walnut Street Philadelphia Pennsylvania 19104
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: 215-299-6000
__________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, par value $0.10 per share FMC New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer      Accelerated filer  
Non-accelerated filer      Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes      No  

As of June 30, 2022, there were 125,959,269 of the registrant's common shares outstanding.



FMC CORPORATION
INDEX
 
  Page
No.
3
3
3
4
5
6
8

2


PART I - FINANCIAL INFORMATION
 
ITEM 1.    FINANCIAL STATEMENTS

FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in Millions, Except Per Share Data) (unaudited) (unaudited)
Revenue $ 1,452.3  $ 1,242.0  $ 2,803.1  $ 2,437.6 
Costs and Expenses
Costs of sales and services 861.3  710.2  1,639.4  1,393.4 
Gross margin $ 591.0  $ 531.8  $ 1,163.7  $ 1,044.2 
Selling, general and administrative expenses 194.8  161.0  383.3  335.5 
Research and development expenses 79.5  65.9  151.3  139.9 
Restructuring and other charges (income) 80.8  16.3  89.9  19.5 
Total costs and expenses $ 1,216.4  $ 953.4  $ 2,263.9  $ 1,888.3 
Income from continuing operations before non-operating pension and postretirement charges (income), interest expense, net and income taxes $ 235.9  $ 288.6  $ 539.2  $ 549.3 
Non-operating pension and postretirement charges (income) 3.9  4.8  8.2  9.6 
Interest expense, net 35.3  32.6  65.2  65.0 
Income (loss) from continuing operations before income taxes $ 196.7  $ 251.2  $ 465.8  $ 474.7 
Provision (benefit) for income taxes 54.7  33.4  97.0  65.6 
Income (loss) from continuing operations $ 142.0  $ 217.8  $ 368.8  $ 409.1 
Discontinued operations, net of income taxes (10.8) (14.6) (26.0) (22.7)
Net income (loss) $ 131.2  $ 203.2  $ 342.8  $ 386.4 
Less: Net income (loss) attributable to noncontrolling interests (3.0) 0.3  1.2  0.9 
Net income (loss) attributable to FMC stockholders $ 134.2  $ 202.9  $ 341.6  $ 385.5 
Amounts attributable to FMC stockholders:
Continuing operations, net of income taxes $ 145.0  $ 217.5  $ 367.6  $ 408.2 
Discontinued operations, net of income taxes (10.8) (14.6) (26.0) (22.7)
Net income (loss) attributable to FMC stockholders $ 134.2  $ 202.9  $ 341.6  $ 385.5 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.15  $ 1.68  $ 2.91  $ 3.15 
Discontinued operations (0.09) (0.11) (0.21) (0.18)
Net income (loss) attributable to FMC stockholders $ 1.06  $ 1.57  $ 2.70  $ 2.97 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.15  $ 1.67  $ 2.90  $ 3.14 
Discontinued operations (0.09) (0.11) (0.21) (0.17)
Net income (loss) attributable to FMC stockholders $ 1.06  $ 1.56  $ 2.69  $ 2.97 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in Millions) (unaudited) (unaudited)
Net income (loss) $ 131.2  $ 203.2  $ 342.8  $ 386.4 
Other comprehensive income (loss), net of tax:
Foreign currency adjustments:
Foreign currency translation gain (loss) arising during the period $ (81.5) $ 15.3  $ (120.9) $ (34.5)
Reclassification of foreign currency translation (gains) losses 4.2  —  4.2  — 
Total foreign currency translation adjustments (1)
$ (77.3) $ 15.3  $ (116.7) $ (34.5)
Derivative instruments:
Unrealized hedging gains (losses) and other, net of tax expense (benefit) of $(2.1) and $(2.6) for the three and six months ended June 30, 2022 and $(2.0) and $2.0 for the three and six months ended June 30, 2021, respectively
$ 40.2  $ (48.0) $ (44.5) $ (7.5)
Reclassification of deferred hedging (gains) losses and other, included in net income, net of tax (expense) benefit of $3.7 and $5.2 for the three and six months ended June 30, 2022 and $2.2 and $3.0 for the three and six months ended June 30, 2021, respectively (2)
7.8  7.1  8.4  11.2 
Total derivative instruments, net of tax expense (benefit) of $1.6 and $2.6 for the three and six months ended June 30, 2022 and $0.2 and $5.0 for the three and six months ended June 30, 2021, respectively
$ 48.0  $ (40.9) $ (36.1) $ 3.7 
Pension and other postretirement benefits:
Unrealized actuarial gains (losses) and prior service (costs) credits, net of tax expense (benefit) of zero and zero for the three and six months ended June 30, 2022 and zero and zero for the three and six months ended June 30, 2021, respectively
$ —  $ —  $ —  $ (0.1)
Reclassification of net actuarial and other (gain) loss and amortization of prior service costs, included in net income, net of tax (expense) benefit of $0.8 and $1.8 for the three and six months ended June 30, 2022 and $1.2 and $2.3 for the three and six months ended June 30, 2021, respectively (2)
3.2  4.3  6.8  8.7 
Total pension and other postretirement benefits, net of tax expense (benefit) of $0.8 and $1.8 for the three and six months ended June 30, 2022 and $1.2 and $2.3 for the three and six months ended June 30, 2021, respectively
$ 3.2  $ 4.3  $ 6.8  $ 8.6 
Other comprehensive income (loss), net of tax $ (26.1) $ (21.3) $ (146.0) $ (22.2)
Comprehensive income (loss) $ 105.1  $ 181.9  $ 196.8  $ 364.2 
Less: Comprehensive income (loss) attributable to the noncontrolling interest (4.3) 0.7  (0.1) 1.0 
Comprehensive income (loss) attributable to FMC stockholders $ 109.4  $ 181.2  $ 196.9  $ 363.2 
____________________ 
(1)Income taxes are not provided for foreign currency translation because the related investments are essentially permanent in duration.
(2)For more detail on the components of these reclassifications and the affected line item in the condensed consolidated statements of income (loss) see Note 14.


The accompanying notes are an integral part of these condensed consolidated financial statements.
4


FMC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in Millions, Except Share and Par Value Data) June 30, 2022 December 31, 2021
ASSETS (unaudited)
Current assets
Cash and cash equivalents $ 591.5  $ 516.8 
Trade receivables, net of allowance of $36.5 in 2022 and $37.4 in 2021
2,885.1  2,583.7 
Inventories 1,590.4  1,405.7 
Prepaid and other current assets 450.4  431.4 
Total current assets $ 5,517.4  $ 4,937.6 
Investments 10.1  9.2 
Property, plant and equipment, net 797.4  817.0 
Goodwill 1,455.8  1,463.3 
Other intangibles, net 2,446.4  2,521.9 
Other assets including long-term receivables, net 602.2  613.8 
Deferred income taxes 214.9  218.5 
Total assets $ 11,044.2  $ 10,581.3 
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt $ 1,155.1  $ 440.8 
Accounts payable, trade and other 1,122.2  1,135.0 
Advance payments from customers 1.8  630.7 
Accrued and other liabilities 594.3  631.2 
Accrued customer rebates 793.2  406.7 
Guarantees of vendor financing 204.9  206.2 
Accrued pension and other postretirement benefits, current 4.3  4.3 
Income taxes 109.9  65.4 
Total current liabilities $ 3,985.7  $ 3,520.3 
Long-term debt, less current portion 2,731.7  2,731.7 
Accrued pension and other postretirement benefits, long-term 39.5  41.8 
Environmental liabilities, continuing and discontinued 373.4  415.9 
Deferred income taxes 334.0  342.4 
Other long-term liabilities 452.6  477.3 
Commitments and contingent liabilities (Note 19)
Equity
Preferred stock, no par value, authorized 5,000,000 shares; no shares issued in 2022 or 2021
$ —  $ — 
Common stock, $0.10 par value, authorized 260,000,000 shares; 185,983,792 issued shares in 2022 and 2021
18.6  18.6 
Capital in excess of par value of common stock 897.5  880.4 
Retained earnings 5,199.1  4,991.3 
Accumulated other comprehensive income (loss) (460.4) (315.7)
Treasury stock, common, at cost - 2022: 60,024,523 shares, 2021: 60,284,313 shares
(2,546.3) (2,542.1)
Total FMC stockholders’ equity $ 3,108.5  $ 3,032.5 
Noncontrolling interests 18.8  19.4 
Total equity $ 3,127.3  $ 3,051.9 
Total liabilities and equity $ 11,044.2  $ 10,581.3 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Six Months Ended June 30,
2022 2021
 (in Millions)
(unaudited)
Cash provided (required) by operating activities of continuing operations:
Net income (loss) $ 342.8  $ 386.4 
Discontinued operations, net of income taxes 26.0  22.7 
Income (loss) from continuing operations $ 368.8  $ 409.1 
Adjustments from income from continuing operations to cash provided (required) by operating activities of continuing operations:
Depreciation and amortization $ 85.2  $ 85.1 
Restructuring and other charges (income) 89.9  19.5 
Deferred income taxes (0.6) (2.9)
Pension and other postretirement benefits 10.6  12.3 
Share-based compensation 13.1  9.7 
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
Trade receivables, net (432.6) (282.9)
Guarantees of vendor financing (1.2) 29.4 
Advance payments from customers (628.8) (344.3)
Accrued customer rebates 400.0  305.2 
Inventories (235.8) (310.4)
Accounts payable, trade and other 38.8  207.5 
Income taxes 19.7  (9.7)
Pension and other postretirement benefit contributions (2.3) (1.7)
Environmental spending, continuing, net of recoveries (10.8) (44.8)
Restructuring and other spending (1)
(16.8) (17.0)
Transaction and integration costs (0.5) (5.8)
Change in other operating assets and liabilities, net (2)
(98.6) (97.7)
Cash provided (required) by operating activities of continuing operations $ (401.9) $ (39.4)
Cash provided (required) by operating activities of discontinued operations:
Environmental spending, discontinued, net of recoveries $ (14.7) $ (22.5)
Other discontinued spending (16.9) (9.9)
Cash provided (required) by operating activities of discontinued operations $ (31.6) $ (32.4)
____________________ 
(1)    The restructuring and other spending amount for the six months ended June 30, 2022 and 2021 includes spending of $3.2 million and $0.8 million related to the Furadan® asset retirement obligations.
(2)    Changes in all periods primarily represent timing of payments associated with all other operating assets and liabilities.




The accompanying notes are an integral part of these condensed consolidated financial statements.
(continued)
6


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
 
Six Months Ended June 30,
2022 2021
 (in Millions) (unaudited)
Cash provided (required) by investing activities of continuing operations:
Capital expenditures $ (73.7) $ (46.9)
Investment in Enterprise Resource Planning system —  (12.7)
Acquisitions, including cost and equity method, net
(0.5) (2.6)
Other investing activities 8.9  (19.0)
Cash provided (required) by investing activities of continuing operations $ (65.3) $ (81.2)
Cash provided (required) by financing activities of continuing operations:
Increase (decrease) in short-term debt $ 721.5  $ 546.8 
Repayments of long-term debt (0.3) (2.6)
Financing fees (1.5) (1.7)
Issuances of common stock, net 8.3  5.6 
Dividends paid (3)
(133.7) (124.3)
Repurchases of common stock under publicly announced program —  (100.0)
Other repurchases of common stock (8.6) (7.9)
Cash provided (required) by financing activities of continuing operations $ 585.7  $ 315.9 
Effect of exchange rate changes on cash and cash equivalents (12.2) (3.3)
Increase (decrease) in cash and cash equivalents $ 74.7  $ 159.6 
Cash and cash equivalents, beginning of period $ 516.8  $ 568.9 
Cash and cash equivalents, end of period $ 591.5  $ 728.5 
____________________ 
(3)    See Note 14 regarding the quarterly cash dividend.

Supplemental disclosure of cash flow information: Cash paid for interest, net of capitalized interest was $61.2 million and $60.1 million, and income taxes paid, net of refunds were $53.2 million and $65.2 million for the six months ended June 30, 2022 and 2021, respectively. Non-cash additions to property, plant and equipment and other assets were $24.5 million and $15.0 million for the six months ended June 30, 2022 and 2021, respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.
7


FMC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
  FMC Stockholders’ Equity    
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of Par Retained
Earnings
Accumulated Other Comprehensive Income (Loss) Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2021 $ 18.6  $ 880.4  $ 4,991.3  $ (315.7) $ (2,542.1) $ 19.4  $ 3,051.9 
Net income (loss) —  —  207.4  —  —  4.2  211.6 
Stock compensation plans —  10.5  —  —  4.0  —  14.5 
Shares for benefit plan trust —  —  —  —  0.1  —  0.1 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  3.6  —  —  3.6 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  (84.1) —  —  (84.1)
Foreign currency translation adjustments (1)
—  —  —  (39.4) —  —  (39.4)
Dividends ($0.53 per share)
—  —  (66.9) —  —  —  (66.9)
Repurchases of common stock —  —  —  (8.6) —  (8.6)
Distributions to noncontrolling interests —  —  —  —  —  (0.5) (0.5)
Balance at March 31, 2022 $ 18.6  $ 890.9  $ 5,131.8  $ (435.6) $ (2,546.6) $ 23.1  $ 3,082.2 
Net income (loss) —  —  134.2  —  —  (3.0) 131.2 
Stock compensation plans —  6.6  —  —  0.3  —  6.9 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  3.2  —  —  3.2 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  48.0  —  —  48.0 
Foreign currency translation adjustments (1)
—  —  —  (76.0) —  (1.3) (77.3)
Dividends ($0.53 per share)
—  —  (66.9) —  —  —  (66.9)
Balance at June 30, 2022 $ 18.6  $ 897.5  $ 5,199.1  $ (460.4) $ (2,546.3) $ 18.8  $ 3,127.3 
____________________
(1)See condensed consolidated statements of comprehensive income (loss).
8


  FMC Stockholders’ Equity    
(in Millions, Except Per Share Data)
Common
Stock,
$0.10 Par
Value
Capital In Excess of Par Retained
Earnings
Accumulated Other Comprehensive Income (Loss) Treasury
Stock
Non-controlling
Interest
Total
Equity
Balance at December 31, 2020 $ 18.6  $ 860.2  $ 4,506.4  $ (282.2) $ (2,141.2) $ 22.4  $ 2,984.2 
Net income (loss) —  —  182.6  —  —  0.6  183.2 
Stock compensation plans —  5.2  —  —  4.4  —  9.6 
Shares for benefit plan trust —  —  —  —  (0.1) —  (0.1)
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  4.3  —  —  4.3 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  44.6  —  —  44.6 
Foreign currency translation adjustments (1)
—  —  —  (49.5) —  (0.3) (49.8)
Dividends ($0.48 per share)
—  —  (62.0) —  —  —  (62.0)
Repurchases of common stock —  —  —  —  (82.7) —  (82.7)
Balance at March 31, 2021 $ 18.6  $ 865.4  $ 4,627.0  $ (282.8) $ (2,219.6) $ 22.7  $ 3,031.3 
Net income (loss) —  —  202.9  —  —  0.3  203.2 
Stock compensation plans —  5.1  —  —  0.5  —  5.6 
Shares for benefit plan trust —  —  —  —  2.5  —  2.5 
Net pension and other benefit actuarial gains (losses) and prior service costs, net of income tax (1)
—  —  —  4.3  —  —  4.3 
Net hedging gains (losses) and other, net of income tax (1)
—  —  —  (40.9) —  —  (40.9)
Foreign currency translation adjustments (1)
—  —  —  14.9  —  0.4  15.3 
Dividends ($0.48 per share)
—  —  (62.0) —  —  —  (62.0)
Repurchases of common stock —  —  —  —  (25.2) —  (25.2)
Balance at June 30, 2021 $ 18.6  $ 870.5  $ 4,767.9  $ (304.5) $ (2,241.8) $ 23.4  $ 3,134.1 
____________________
(1)See condensed consolidated statements of comprehensive income (loss).

The accompanying notes are an integral part of these condensed consolidated financial statements.

9


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1: Financial Information and Accounting Policies
In our opinion the condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") applicable to interim period financial statements and reflect all adjustments necessary for a fair statement of results of operations for the three and six months ended June 30, 2022 and 2021, cash flows for the six months ended June 30, 2022 and 2021, changes in equity for the three and six months ended June 30, 2022 and 2021, and our financial positions as of June 30, 2022 and December 31, 2021. All such adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the Notes. The results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results of operations for the full year. The condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021, and the related condensed consolidated statements of income (loss) and condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021, condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, and condensed consolidated statements of changes in equity for the three and six months ended June 30, 2022 and 2021 have been reviewed by our independent registered public accountants. The review is described more fully in their report included herein. Our accounting policies are set forth in detail in Note 1 to the consolidated financial statements included with our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2021 (the "2021 Form 10-K").
Given the COVID-19 pandemic ("COVID"), many countries, including the United States, subsequently imposed restrictions on both travel and business closures in an effort to mitigate the spread of COVID. As an agriculture sciences company, we are considered an "essential" industry in the countries in which we operate and have avoided significant plant closures and all our manufacturing facilities and distribution warehouses are operational. The extent to which COVID will continue to impact us will depend on future developments, many of which remain uncertain and cannot be predicted with confidence, including the duration of the pandemic, further actions to be taken to contain the pandemic or mitigate its impact, and the extent of the direct and indirect economic effects of the pandemic and containment measures, among others.

Note 2: Recently Issued and Adopted Accounting Pronouncements and Regulatory Items
New accounting guidance and regulatory items
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for contracts and hedging relationships affected by reference rate reform. This applies to contracts that reference LIBOR or another rate that is expected to be discontinued as a result of rate reform and have modified terms that affect or have the potential to affect the amount and timing of contractual cash flows resulting from the discontinuance of the reference rate. The new standard is currently effective and upon adoption may be applied prospectively through December 31, 2022. We are continuing to monitor for any modified or newly entered contracts and hedging relationships for accounting impacts due to reference rate reform. Currently, there are no material impacts on our consolidated financial statements related to this standard.

Note 3: Revenue Recognition
Disaggregation of revenue
We disaggregate revenue from contracts with customers by geographical areas and major product categories. We have three major agricultural product categories: insecticides, herbicides, and fungicides. Plant health, which includes biological products, is also included in the below table, because it is a growing part of our business. The disaggregated revenue tables are shown below for the three and six months ended June 30, 2022 and 2021.

The following table provides information about disaggregated revenue by major geographical region:
10


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
North America $ 364.6  $ 290.5  $ 754.4  $ 591.5 
Latin America 431.5  299.6  697.4  502.8 
Europe, Middle East & Africa (EMEA) 280.8  272.9  679.0  672.3 
Asia 375.4  379.0  672.3  671.0 
Total Revenue $ 1,452.3  $ 1,242.0  $ 2,803.1  $ 2,437.6 

The following table provides information about disaggregated revenue by product category:
Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Insecticides $ 897.1  $ 741.8  $ 1,663.8  $ 1,428.8 
Herbicides 380.3  330.8  784.7  692.5 
Fungicides 63.3  94.5  172.0  185.0 
Plant Health 62.7  52.1  116.1  102.3 
Other 48.9  22.8  66.5  29.0 
Total Revenue $ 1,452.3  $ 1,242.0  $ 2,803.1  $ 2,437.6 

We earn revenue from the sale of a wide range of products to a diversified base of customers around the world. We develop, market and sell all three major classes of crop protection chemicals (insecticides, herbicides and fungicides) as well as biologicals, crop nutrition, and seed treatment, which we group as plant health. These products are used in agriculture to enhance crop yield and quality by controlling a broad spectrum of insects, weeds and disease, as well as in non-agricultural markets for pest control. The majority of our product lines consist of insecticides and herbicides, with a smaller portfolio of fungicides mainly used in high value crop segments. We are investing in plant health which includes our growing biological products. Our insecticides are used to control a wide spectrum of pests, while our herbicide portfolio primarily targets a large variety of difficult-to-control weeds. Products in the other category include various agricultural products such as smaller classes of pesticides, growth promoters, and other miscellaneous revenue sources.
Sale of Goods
Revenue from product sales is recognized when (or as) we satisfy a performance obligation by transferring the promised goods to a customer, that is, when control of the good transfers to the customer. The customer is then invoiced at the agreed-upon price with payment terms generally ranging from 30 to 90 days, with some regions providing terms longer than 90 days. We do not typically give payment terms that exceed 360 days; however, in certain geographical regions such as Latin America, these terms may be given in limited circumstances. Additionally, a timing difference of over one year can exist between when products are delivered to the customer and when payment is received from the customer in these regions; however, the effect of these sales is not material to the financial statements as a whole. Furthermore, we have assessed the circumstances and arrangements in these regions and determined that the contracts with these customers do not contain a significant financing component.
In determining when the control of goods is transferred, we typically assess, among other things, the transfer of risk and title and the shipping terms of the contract. The transfer of title and risk typically occurs either upon shipment to the customer or upon receipt by the customer. As such, we typically recognize revenue when goods are shipped based on the relevant Incoterm for the product order, or in some regions, when delivery to the customer’s requested destination has occurred. When we perform shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. For FOB shipping point terms, revenue is recognized at the time of shipment since the customer gains control at this point in time.
We record amounts billed for shipping and handling fees as revenue. Costs incurred for shipping and handling are recorded as costs of sales and services. Amounts billed for sales and use taxes, value-added taxes, and certain excise and other specific
11


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
transactional taxes imposed on revenue-producing transactions are presented on a net basis and excluded from sales in the consolidated income statements. We record a liability until remitted to the respective taxing authority.
Sales Incentives and Other Variable Considerations
As a part of our customary business practice, we offer a number of sales incentives to our customers including volume discounts, retailer incentives, and prepayment options. The variable considerations given can differ by products, support levels and other eligibility criteria. For all such contracts that include any variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing either the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Although determining the transaction price for these considerations requires significant judgment, we have significant historical experience with incentives provided to customers and estimate the expected consideration considering historical patterns of incentive payouts. These estimates are reassessed each reporting period as required.
In addition to the variable considerations described above, in certain instances, we may require our customers to meet certain volume thresholds within their contract term. We estimate what amount of variable consideration should be included in the transaction price at contract inception and continually reassess this estimation each reporting period to determine situations when the minimum volume thresholds will not be met.
Right of Return
We extend an assurance warranty offering customers a right of refund or exchange in case delivered product does not conform to specifications. Additionally, in certain regions and arrangements, we may offer a right of return for a specified period. Both instances are accounted for as a right of return and transaction price is adjusted for an estimate of expected returns. Replacement products are accounted for under the warranty guidance if the customer exchanges one product for another of the same kind, quality, and price. We have significant experience with historical return patterns and use this experience to include returns in the estimate of transaction price.
Contract Asset and Contract Liability Balances
We satisfy our obligations by transferring goods and services in exchange for consideration from customers. The timing of performance sometimes differs from the timing the associated consideration is received from the customer, thus resulting in the recognition of a contract asset or contract liability. We recognize a contract liability if the customer's payment of consideration is received prior to completion of our related performance obligation.
The following table presents the opening and closing balances of our receivables, net of allowances and contract liabilities from contracts with customers:
(in Millions) Balance as of December 31, 2021 Balance as of June 30, 2022 Increase (Decrease)
Receivables from contracts with customers, net of allowances (1)
$ 2,641.1  $ 2,953.5  $ 312.4 
Contract liabilities: Advance Payments from customers 630.7  1.8  (628.9)
____________________ 
(1)     Amount includes $2,885.1 million of trade receivables and $68.4 million of net long-term customer receivables as of June 30, 2022. See Note 6 for more information.

The balance of receivables from contracts with customers listed in the table above include both current trade receivables and long-term receivables, net of allowance for doubtful accounts. The allowance for receivables represents our best estimate of the probable losses associated with potential customer defaults. We determine the allowance based on historical experience, current collection trends, and external business factors such as economic factors, including regional bankruptcy rates, and political factors. The change in allowance for doubtful accounts for both current trade receivables and long-term receivables is representative of the impairment of receivables as of June 30, 2022. Refer to Note 6 for further information.
The amount of revenue recognized in the six months ended June 30, 2022 that was included in the opening contract liability balance is $628.9 million.
12


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
We periodically enter into prepayment arrangements with customers and receive advance payments for product to be delivered in future periods. Prepayment terms are extended to customers/distributors in order to capitalize on surplus cash with growers. Growers receive bulk payments for their produce, which they leverage to buy our products from distributors through prepayment options. This in turn creates opportunity for distributors to make large prepayments to us for securing the future supply of products to be sold to growers. Prepayments are typically received in the fourth quarter of the fiscal year and are for the following marketing year indicating that the time difference between prepayment and performance of corresponding performance obligations does not exceed one year.
We recognize these prepayments as a liability under "Advance payments from customers" on the condensed consolidated balance sheets when they are received. Revenue associated with advance payments is recognized as shipments are made and transfer of control to the customer takes place. Advance payments from customers was $630.7 million as of December 31, 2021 and $1.8 million as of June 30, 2022.
Manufacturing and Seed Supply Agreements
As part of the DuPont Crop Protection Business Acquisition in 2017, we acquired various manufacturing contracts. The manufacturing contracts have been recognized as an asset or liability to the extent the terms of the contract were favorable or unfavorable compared with market terms of the same or similar items at the date of the acquisition.
We also entered into supply agreements with DuPont, with terms of up to five years, to supply technical insecticide products required for their retained seed treatment business at cost. The unfavorable liability is recorded within "Accrued and other liabilities" on the condensed consolidated balance sheets and is reduced and recognized to revenues within earnings as sales are made. The amount recognized in revenue for the six months ended June 30, 2022 and 2021 was approximately $54 million and $51 million, and $27 million and $26 million for the three months ended June 30, 2022 and 2021, respectively.

Note 4: Goodwill and Intangible Assets
The changes in the carrying amount of goodwill are presented in the table below:
(in Millions) Total
Balance, December 31, 2021 $ 1,463.3 
Foreign currency and other adjustments
(7.5)
Balance, June 30, 2022 $ 1,455.8 

There were no events or circumstances indicating that goodwill might be impaired as of June 30, 2022.

13


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Our intangible assets, other than goodwill, consist of the following:
June 30, 2022 December 31, 2021
(in Millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net
Intangible assets subject to amortization (finite-lived)
Customer relationships $ 1,121.9  $ (320.9) $ 801.0  $ 1,147.1  $ (301.3) $ 845.8 
Patents 1.8  (1.3) 0.5  1.8  (1.3) 0.5 
Brands (1)
15.7  (9.8) 5.9  17.1  (9.9) 7.2 
Purchased and licensed technologies 58.6  (41.3) 17.3  60.2  (40.7) 19.5 
Other intangibles 1.8  (1.7) 0.1  2.3  (1.7) 0.6 
$ 1,199.8  $ (375.0) $ 824.8  $ 1,228.5  $ (354.9) $ 873.6 
Intangible assets not subject to amortization (indefinite-lived)
Crop Protection Brands (2)
$ 1,259.1  $ 1,259.1  $ 1,259.1  $ 1,259.1 
Brands (1)
362.5  362.5  389.2  389.2 
$ 1,621.6  $ 1,621.6  $ 1,648.3  $ 1,648.3 
Total intangible assets $ 2,821.4  $ (375.0) $ 2,446.4  $ 2,876.8  $ (354.9) $ 2,521.9 
____________________ 
(1)    Represents trademarks, trade names and know-how.
(2)    Represents proprietary brand portfolios, consisting of trademarks, trade names and know-how, of our crop protection brands.
Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Amortization expense $ 15.3  $ 15.7  $ 30.7  $ 31.5 

The full year estimated pre-tax amortization expense for the year ended December 31, 2022 and each of the succeeding five years is approximately $61 million, $60 million, $59 million, $59 million, $59 million, and $58 million, respectively.

Note 5: Acquisitions
On June 29, 2022 we announced a definitive agreement to acquire BioPhero ApS ("BioPhero"), a Denmark-based pheromone research and production company. The acquisition adds state-of-the-art biologically produced pheromone insect control technology to our product portfolio and R&D pipeline, underscoring our role as a leader in delivering innovative and sustainable crop protection solutions.

The purchase price of approximately $200 million was paid at closing on July 19, 2022. The acquisition, which will be accounted for as a business combination, will include all of BioPhero’s technology, IP, supply agreements, employees and net assets of the business. The purchase price allocation is expected to be largely concentrated across the intangible assets being acquired, with a portion of the value ascribed to in process research and development assets and goodwill.


Note 6: Receivables
The following table displays a roll forward of the allowance for doubtful trade receivables.
14

FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)

(in Millions)
Balance, December 31, 2020 $ 27.9 
Additions - charged to expense
17.2 
Transfer from (to) allowance for credit losses (see below) (0.6)
Net recoveries, write-offs and other
(7.1)
Balance, December 31, 2021 $ 37.4 
Additions - charged to expense
(1.7)
Transfer from (to) allowance for credit losses (see below) 0.5 
Net recoveries, write-offs and other 0.3 
Balance, June 30, 2022 $ 36.5 

We have non-current receivables that represent long-term customer receivable balances related to past due accounts which are not expected to be collected within the current year. The net long-term customer receivables were $68.4 million as of June 30, 2022. These long-term customer receivable balances and the corresponding allowance are included in "Other assets including long-term receivables, net" on the condensed consolidated balance sheets.

A portion of these long-term receivables have payment contracts. We have no reason to believe payments will not be made based upon the credit quality of these customers. Additionally, we also hold significant collateral against these customers including rights to property or other assets as a form of credit guarantee. If the customer does not pay or gives indication that they will not pay, these guarantees allow us to start legal action to block the sale of the customer’s harvest. On an ongoing basis, we continue to evaluate the credit quality of our non-current receivables using aging of receivables, collection experience and write-offs, as well as evaluating existing economic conditions, to determine if an additional allowance is necessary.

The following table displays a roll forward of the allowance for credit losses related to long-term customer receivables:
(in Millions)
Balance, December 31, 2020 $ 24.7 
Additions - charged to expense
3.9 
Transfer from (to) allowance for doubtful accounts (see above) 0.6 
Foreign currency adjustments (1.5)
Net recoveries, write-offs and other — 
Balance, December 31, 2021 $ 27.7 
Additions - charged to expense
(0.1)
Transfer from (to) allowance for doubtful accounts (see above) (0.5)
Foreign currency adjustments 0.2 
Balance, June 30, 2022 $ 27.3 













15


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Note 7: Inventories
Inventories consisted of the following:
 (in Millions) June 30, 2022 December 31, 2021
Finished goods $ 583.8  $ 559.2 
Work in process 876.1  730.8 
Raw materials, supplies and other 246.7  231.9 
First-in, first-out inventory $ 1,706.6  $ 1,521.9 
Less: Excess of first-in, first-out cost over last-in, first-out cost (116.2) (116.2)
Net inventories $ 1,590.4  $ 1,405.7 

Note 8: Property, Plant and Equipment
Property, plant and equipment consisted of the following:
(in Millions) June 30, 2022 December 31, 2021
Property, plant and equipment $ 1,353.8  $ 1,329.5 
Accumulated depreciation (556.4) (512.5)
Property, plant and equipment, net $ 797.4  $ 817.0 


Note 9: Restructuring and Other Charges (Income)
Our restructuring and other charges (income) are comprised of restructuring, asset disposals and other charges (income) as noted below.
  Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Restructuring charges $ 3.4  $ 10.5  $ 14.6  $ 16.8 
Other charges (income), net 77.4  5.8  75.3  2.7 
Total restructuring and other charges (income) $ 80.8  $ 16.3  $ 89.9  $ 19.5 

16


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Restructuring charges
For detail on restructuring activities which commenced prior to 2022, see Note 9 to our consolidated financial statements included within our 2021 Form 10-K.
(in Millions)
Severance and Employee Benefits
Other Charges (Income) (1)
Asset Disposal Charges (Income) (2)
Total
DuPont Crop restructuring (3)
$ —  $ 0.2  $ —  $ 0.2 
Regional realignment (4)
1.4  1.0  —  2.4 
Other items 0.3  0.5  —  0.8 
Three Months Ended June 30, 2022 $ 1.7  $ 1.7  $   $ 3.4 
DuPont Crop restructuring (3)
$ —  $ 1.8  $ (0.1) $ 1.7 
Regional realignment (4)
4.5  2.5  0.2  7.2 
Other items 1.6  —  —  1.6 
Three Months Ended June 30, 2021 $ 6.1  $ 4.3  $ 0.1  $ 10.5 
DuPont Crop restructuring (3)
$ —  $ 0.5  $ —  $ 0.5 
Regional realignment (4)
3.4  1.5  —  4.9 
Other items (0.1) 1.1  8.2  9.2 
Six Months Ended June 30, 2022 $ 3.3  $ 3.1  $ 8.2  $ 14.6 
DuPont Crop restructuring $ 1.2  $ 2.9  $ 0.9  $ 5.0 
Regional realignment (4)
4.5  3.2  0.2  7.9 
Other items 3.9  —  —  3.9 
Six Months Ended June 30, 2021 $ 9.6  $ 6.1  $ 1.1  $ 16.8 
____________________ 
(1)Primarily represents costs associated with miscellaneous restructuring activities, including third-party costs. Other income, if applicable, primarily represents favorable developments on previously recorded exit costs and recoveries associated with restructuring.
(2)Primarily represents asset write-offs (recoveries) and accelerated depreciation on long-lived assets, which were or are to be abandoned. To the extent incurred, the acceleration effect of re-estimating settlement dates and revised cost estimates associated with asset retirement obligations due to facility shutdowns, are also included within the asset disposal charges. The amount for the six months ended June 30, 2022 represents fixed asset charges resulting from the closure of certain manufacturing sites during the period.
(3)Restructuring charges related to DuPont Crop restructuring during the three and six months ended June 30, 2022 and June 30, 2021 represent the remaining in-flight restructuring charges as we completed the established DuPont Crop Restructuring program associated with integration. These charges are primarily associated with accelerated depreciation on certain fixed assets, severance, and other costs as we exit certain facilities.
(4)Beginning in the second quarter of 2021, we began to consolidate our global operations into centralized regional headquarters within EMEA and APAC. The regional realignment restructuring charges during the three and six months ended June 30, 2022 and June 30, 2021 are primarily related to severance and other exit costs resulting from this consolidation.


17


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Roll forward of restructuring reserves
The following table shows a roll forward of restructuring reserves, that will result in cash spending. These amounts exclude asset retirement obligations.
(in Millions)
Balance at
12/31/21 (4)
Change in
reserves (5)
Cash
payments (6)
Other
Balance at
6/30/22 (4)
DuPont Crop restructuring (1)
$ 8.6  $ 0.5  $ (3.4) $ (0.1) $ 5.6 
Regional realignment (2)
4.0  4.9  (3.5) —  5.4 
Other workforce related and facility shutdowns (3)
2.3  1.0  (2.5) —  0.8 
Total $ 14.9  $ 6.4  $ (9.4) $ (0.1) $ 11.8 
____________________ 
(1)Primarily consists of exit costs and severance associated with DuPont Crop restructuring activities.
(2)Primarily consists of severance and employee relocation costs as well as other costs associated with the relocation of our European headquarters and the consolidation of our Asia Pacific operations into a single regional headquarters in Singapore.
(3)Primarily severance costs related to workforce reductions and facility shutdowns.
(4)Included in "Accrued and other liabilities" and "Other long-term liabilities" on the condensed consolidated balance sheets.
(5)Primarily severance and other miscellaneous exit costs. Any accelerated depreciation and impairment charges noted above that impacted our property, plant and equipment balances or other long-term assets are not included in this table.
(6)In addition to the spend above, for the six months ended June 30, 2022 there was also approximately $3.2 million of spending related to the Furadan® asset retirement obligation as well as $4.2 million of additional spending for items in the restructuring and other charge line item that are not in the rollforward above.
Other charges (income), net
  Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Environmental charges, net $ 0.9  $ 3.7  $ (2.4) $ (0.4)
Exit from Russian Operations 76.1  —  76.1  — 
Other items, net 0.4  2.1  1.6  3.1 
Other charges (income), net $ 77.4  $ 5.8  $ 75.3  $ 2.7 

Environmental charges, net
Environmental charges represent the net charges associated with environmental remediation at continuing operating sites. See Note 12 for additional details. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.

Exit from Russian Operations
As the Russia-Ukraine war continues, our values as a company as well as the sanctions imposed on, and cross-sanctions imposed and announced by, the Russian Federation led us to cease operations and business in Russia. This decision was made in mid-April when we concluded that it was not sustainable to continue operations. As a result of this decision, we recorded a charge of approximately $76.1 million during the three and six months ended June 30, 2022. The charge primarily consists of noncash asset write offs, mainly working capital as well as the value of a packaging and formulation facility. This charge includes approximately $7 million of cash that was stranded and not accessible to us.

Note 10: Debt
Debt maturing within one year:
18


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
(in Millions) June 30, 2022 December 31, 2021
Short-term foreign debt (1)
$ 101.5  $ 112.2 
Commercial paper (2)
964.4  244.1 
Total short-term debt $ 1,065.9  $ 356.3 
Current portion of long-term debt 89.2  84.5 
Total short-term debt and current portion of long-term debt (3)
$ 1,155.1  $ 440.8 
____________________
(1)At June 30, 2022, the average effective interest rate on the borrowings was 15.6 percent.
(2)At June 30, 2022, the average effective interest rate on the borrowings was 2.15 percent.
(3)Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.75 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term.

Long-term debt:
(in Millions) June 30, 2022    
Interest Rate Percentage Maturity
Date
June 30, 2022 December 31, 2021
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$ 49.9  $ 49.9 
Senior notes (less unamortized discount of $0.6 and $0.7, respectively)
3.20% - 4.50%
2024 - 2049
1,899.4  1,899.3 
2021 Term Loan Facility 2.60% 2024 800.0  800.0 
Revolving Credit Facility (1)
4.30% 2027 —  — 
Foreign debt
0% - 15.30%
2023 - 2024
89.2  84.7 
Debt issuance cost (17.6) (17.7)
Total long-term debt $ 2,820.9  $ 2,816.2 
Less: debt maturing within one year 89.2  84.5 
Total long-term debt, less current portion $ 2,731.7  $ 2,731.7 
____________________
(1)Letters of credit outstanding under our Revolving Credit Facility totaled $160.0 million and available funds under this facility were $875.6 million at June 30, 2022.

Revolving Credit Facility and Term Loan Amendments
On June 17, 2022, we amended our Revolving Credit Facility and on June 27, 2022 we amended our 2021 Term Loan Agreement. The Revolving Credit Facility Amendment primarily increased the borrowing capacity from $1.5 billion to $2 billion and extended the maturity date by an additional year to 2027. Both agreements were amended to transition from a reference rate using the LIBOR benchmark to a reference rate using a Term SOFR benchmark.

Deferred financing fees totaling $1.5 million associated with both amendments have been deferred and are being recognized to interest expense over the life of the agreements.

Covenants
Among other restrictions, our Revolving Credit Facility and 2021 Term Loan Facility contain financial covenants applicable to FMC and its consolidated subsidiaries related to leverage (measured as the ratio of debt to adjusted earnings) and interest coverage (measured as the ratio of adjusted earnings to interest expense). Our actual leverage for the four consecutive quarters ended June 30, 2022 was 2.87, which is below the maximum leverage of 3.50 at June 30, 2022. As amended pursuant to the Revolving Credit Agreement discussed within our 2021 Form 10-K, the maximum leverage ratio stepped down to 3.50 for the period ending December 31, 2021 and future quarters thereafter. Our actual interest coverage for the four consecutive quarters ended June 30, 2022 was 10.27, which is above the minimum interest coverage of 3.50. We were in compliance with all covenants at June 30, 2022.

19


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Note 11: Discontinued Operations
Discontinued operations includes adjustments to retained assets and liabilities as well as provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. The primary liabilities retained include environmental liabilities, other postretirement benefit liabilities, self-insurance, long-term obligations related to legal proceedings and historical restructuring activities.

Our discontinued operations comprised the following:
(in Millions) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Adjustment for workers’ compensation, product liability, other postretirement benefits and other, net of income tax benefit (expense) of $(1.5) and $(1.7) for the three and six months ended June 30, 2022, and $(1.1) and $(2.1) for the three and six months ended June 30, 2021, respectively
$ (3.1) $ (1.0) $ (3.5) $ (2.6)
Provision for environmental liabilities, net of recoveries, net of income tax benefit of $0.3 and $0.9 for the three and six months ended June 30, 2022 and $0.8 and $1.6 three and six months ended June 30, 2021, respectively
(0.6) (3.4) (2.7) (5.7)
Provision for legal reserves and expenses, net of recoveries, net of income tax benefit of $1.9 and $5.3 for the three and six months ended June 30, 2022 and $2.7 and $3.8 for the three and six months ended June 30, 2021 respectively
(7.1) (10.2) (19.8) (14.4)
Discontinued operations, net of income taxes $ (10.8) $ (14.6) $ (26.0) $ (22.7)



Note 12: Environmental Obligations
We have reserves for potential environmental obligations which we consider probable and which we can reasonably estimate. The following table is a roll forward of our total environmental reserves, continuing and discontinued:
(in Millions) Gross
Recoveries (3)
Net
Total environmental reserves at December 31, 2021 $ 514.6  $ (11.4) $ 503.2 
Provision (Benefit) 3.7  (0.6) 3.1 
(Spending) Recoveries (25.8) —  (25.8)
Foreign currency translation adjustments (6.0) —  (6.0)
Net change $ (28.1) $ (0.6) $ (28.7)
Total environmental reserves at June 30, 2022 $ 486.5  $ (12.0) $ 474.5 
Environmental reserves, current (1)
$ 102.2  $ (1.1) $ 101.1 
Environmental reserves, long-term (2)
384.3  (10.9) 373.4 
Total environmental reserves at June 30, 2022 $ 486.5  $ (12.0) $ 474.5 
____________________
(1)These amounts are included within "Accrued and other liabilities" on the condensed consolidated balance sheets.
(2)These amounts are included in "Environmental liabilities, continuing and discontinued" on the condensed consolidated balance sheets.
(3)These recorded recoveries represent probable realization of claims against U.S. government agencies and are recorded as an offset to our environmental reserves in the condensed consolidated balance sheets.

The estimated reasonably possible environmental loss contingencies, net of expected recoveries, exceed amounts accrued by approximately $160 million at June 30, 2022. This reasonably possible estimate is based upon information available as of the date of the filing but the actual future losses may be higher given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of potentially responsible parties, technology and information related to individual sites.
20


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Potential environmental obligations that have not been reserved may be material to any one quarter's or year's results of operations in the future. However, we believe any such liability arising from such potential environmental obligations is not likely to have a material adverse effect on our liquidity or financial condition as it may be satisfied over many years.
The table below provides a roll forward of our environmental recoveries representing probable realization of claims against insurance carriers and other third parties. These recoveries are recorded as "Prepaid and other current assets" and "Other assets including long-term receivables, net" in the condensed consolidated balance sheets.
(in Millions) December 31, 2021 Increase (Decrease) in recoveries Cash received June 30, 2022
Environmental recoveries $ 4.5  $ 1.9  $ (0.3) $ 6.1 

Our net environmental provisions relate to costs for the continued cleanup of both continuing and discontinued manufacturing operations from previous years. The net provisions are comprised as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Environmental provisions, net - recorded to liabilities (1)
$ 3.7  $ 8.4  $ 3.1  $ 7.5 
Environmental provisions, net - recorded to assets (2)
(1.9) (0.5) (1.9) (0.6)
Environmental provision, net $ 1.8  $ 7.9  $ 1.2  $ 6.9 
Continuing operations (3)
$ 0.9  $ 3.7  $ (2.4) $ (0.4)
Discontinued operations (4)
0.9  4.2  3.6  7.3 
Environmental provision, net $ 1.8  $ 7.9  $ 1.2  $ 6.9 
____________________
(1)See above roll forward of our total environmental reserves as presented on the condensed consolidated balance sheets.
(2)See above roll forward of our total environmental recoveries as presented on the condensed consolidated balance sheets.
(3)Recorded as a component of "Restructuring and other charges (income)" on the condensed consolidated statements of income (loss). See Note 9. Environmental obligations for continuing operations primarily represent obligations at shut down or abandoned facilities within businesses that do not meet the criteria for presentation as discontinued operations.
(4)Recorded as a component of "Discontinued operations, net of income taxes" on the condensed consolidated statements of income (loss). See Note 11.

A more complete description of our environmental contingencies and the nature of our potential obligations are included in Notes 1 and 12 to our consolidated financial statements in our 2021 Form 10-K. See Note 12 to our consolidated financial statements in our 2021 Form 10-K for a description of significant updates to material environmental sites. There have been no significant updates since the information included in our 2021 Form 10-K other than the update provided below.

Note 13: Earnings Per Share
Earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period on a basic and diluted basis.
Our potentially dilutive securities include potential common shares related to our stock options, restricted stock and restricted stock units. Diluted earnings per share ("Diluted EPS") considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential common shares would have an antidilutive effect. Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the option exercise price is greater than the average market price of our common stock for the period. For the three and six months ended June 30, 2022 there were 0.4 million and 0.4 million potential common shares excluded from Diluted EPS,
21


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
respectively. For the three and six months ended June 30, 2021 there were 0.2 million and 0.2 million potential common shares excluded from Diluted EPS, respectively.
Our non-vested restricted stock awards contain rights to receive non-forfeitable dividends, and thus, are participating securities requiring the two-class method of computing EPS. The two-class method determines EPS by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of shares of common stock outstanding for the period. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period.
Earnings applicable to common stock and common stock shares used in the calculation of basic and diluted earnings per share are as follows:
(in Millions, Except Share and Per Share Data) Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Earnings (loss) attributable to FMC stockholders:
Continuing operations, net of income taxes $ 145.0  $ 217.5  $ 367.6  $ 408.2 
Discontinued operations, net of income taxes (10.8) (14.6) (26.0) (22.7)
Net income (loss) attributable to FMC stockholders $ 134.2  $ 202.9  $ 341.6  $ 385.5 
Less: Distributed and undistributed earnings allocable to restricted award holders (0.3) (0.5) (0.6) (0.9)
Net income (loss) allocable to common stockholders $ 133.9  $ 202.4  $ 341.0  $ 384.6 
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.15  $ 1.68  $ 2.91  $ 3.15 
Discontinued operations (0.09) (0.11) (0.21) (0.18)
Net income (loss) attributable to FMC stockholders $ 1.06  $ 1.57  $ 2.70  $ 2.97 
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations $ 1.15  $ 1.67  $ 2.90  $ 3.14 
Discontinued operations (0.09) (0.11) (0.21) (0.17)
Net income (loss) attributable to FMC stockholders $ 1.06  $ 1.56  $ 2.69  $ 2.97 
Shares (in thousands):
Weighted average number of shares of common stock outstanding - Basic 126,204  129,090  126,127  129,319 
Weighted average additional shares assuming conversion of potential common shares 742  801  754  813 
Shares – diluted basis 126,946  129,891  126,881  130,132 

22


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Note 14: Equity

Accumulated other comprehensive income (loss)
Summarized below is the roll forward of accumulated other comprehensive income (loss), net of tax.
(in Millions) Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits (2)
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2021 $ (62.5) $ (22.2) $ (231.0) $ (315.7)
2022 Activity
Other comprehensive income (loss) before reclassifications (119.6) (44.5) —  (164.1)
Amounts reclassified from accumulated other comprehensive income (loss) 4.2  8.4  6.8  19.4 
Net current period other comprehensive income (loss) $ (115.4) $ (36.1) $ 6.8  $ (144.7)
Accumulated other comprehensive income (loss), net of tax at June 30, 2022 $ (177.9) $ (58.3) $ (224.2) $ (460.4)

(in Millions) Foreign currency adjustments
Derivative Instruments (1)
Pension and other postretirement benefits (2)
Total
Accumulated other comprehensive income (loss), net of tax at December 31, 2020 $ 24.0  $ (71.8) $ (234.4) $ (282.2)
2021 Activity
Other comprehensive income (loss) before reclassifications (34.6) (7.5) (0.1) (42.2)
Amounts reclassified from accumulated other comprehensive income (loss) —  11.2  8.7  19.9 
Net current period other comprehensive income (loss) $ (34.6) $ 3.7  $ 8.6  $ (22.3)
Accumulated other comprehensive income (loss), net of tax at June 30, 2021 $ (10.6) $ (68.1) $ (225.8) $ (304.5)
____________________
(1)    See Note 18 for more information.
(2)    See Note 16 for more information.


23


FMC CORPORATION
Notes to Condensed Consolidated Financial Statements (unaudited) — (Continued)
Reclassifications of accumulated other comprehensive income (loss)
The table below provides details about the reclassifications from accumulated other comprehensive income (loss) and the affected line items in the condensed consolidated statements of income (loss) for each of the periods presented:
Details about Accumulated Other Comprehensive Income Components
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (1)
Affected Line Item in the Condensed Consolidated Statements of Income (Loss)
Three Months Ended June 30, Six Months Ended June 30,
(in Millions) 2022 2021 2022 2021
Foreign currency translation adjustments:
Divestiture of Russia operations (2)
$ (4.2) $ —  $ (4.2) $ —  Restructuring and other charges (income)
Derivative instruments
Gain (loss) on foreign currency contracts $ (13.5) $ (7.6) $ (15.1) $ (12.4) Costs of sales and services
Gain (loss) on foreign currency contracts 3.0  0.2  3.5  0.3  Selling, general and administrative expenses
Gain (loss) on interest rate contracts (1.0) (1.9) (2.0) (2.1) Interest expense, net
Total before tax $ (11.5) $ (9.3) $ (13.6) $ (14.2)
3.7  2.2  5.2  3.0  Provision